Guideline Value for REDDY STREET

Reddy Street guideline value

The current guideline value of Reddy Street in Koladi village is Rs 660 per sq.ft, effective from 1 July 2024. This street falls under the Chennai South Joint II SRO and is classified as Residential Class II Type - III.

How the guideline value of Reddy Street has changed

The guideline value for Reddy Street has seen several revisions over the years. In 2007, the value was Rs 250 per sq.ft, which increased significantly to Rs 600 per sq.ft in 2012, marking a 140% rise. However, between 2012 and 2017, the value decreased to Rs 402 per sq.ft, reflecting a decline of 33%. The subsequent revision in 2017 saw the value rise again to Rs 600 per sq.ft in 2023, a 49% increase. The most recent revision in 2024 has set the guideline value at Rs 660 per sq.ft, representing a 10% increase from the previous year.

It is important to note that there are no figures available for Reddy Street in the 2002 and 2003 revisions. Overall, from 2007 to 2024, the guideline value has increased by 164%.

Guideline values in Koladi

In Koladi, there are 175 streets under the Chennai South Joint II SRO that have a 2024 guideline value ranging from Rs 660 to Rs 4,000 per sq.ft, with a median value of Rs 1,100 per sq.ft. Reddy Street's current value is below this median.

• Reddiar Street: Rs 660 per sq.ft (2024)
• Ram Nagar Extension: Rs 1,650 per sq.ft (2024)
• Ramarajar Road: Rs 660 per sq.ft (2024)
• Ramadasar Road 2nd Cross Street: Rs 660 per sq.ft (2024)
• Ramadasar Road 1st Cross Street: Rs 660 per sq.ft (2024)
• Raju Nagar: Rs 660 per sq.ft (2024)

Stamp duty and registration fee for property in Reddy Street

For a 1,000 sq.ft plot at the current guideline value of Rs 660 per sq.ft, the total guideline value would be Rs 6,60,000. The stamp duty at 7% would amount to Rs 46,200, and the registration fee at 2% would be Rs 13,200, leading to a total of Rs 59,400. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Reddy Street?

The Sub Registrar Office that covers Reddy Street is the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Koladi

The guideline value is a crucial factor during property registration in Koladi. It serves as the basis for calculating stamp duty and registration fees, which are mandatory when buying or selling property. The fees are determined based on the guideline value or the sale price, whichever is higher.

When a buyer or seller approaches the registration office, the guideline value helps ensure that the transaction is recorded accurately and legally. This process protects both parties and ensures compliance with local regulations.

Frequently asked questions

What is the current guideline value of Reddy Street?

The current guideline value of Reddy Street is Rs 660 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 250 per sq.ft in 2007 to Rs 660 per sq.ft in 2024, reflecting an overall increase of 164% over the years.

What are the stamp duty and registration fees for Reddy Street?

For a plot of 1,000 sq.ft at the current rate, the total guideline value is Rs 6,60,000. The stamp duty is Rs 46,200, and the registration fee is Rs 13,200, totaling Rs 59,400.

Which Sub Registrar Office covers Reddy Street?

Reddy Street is covered by the Chennai South Joint II Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai - 600 035.

What is the land classification for Reddy Street?

Reddy Street is classified as Residential Class II Type - III, indicating its designation for residential use within the local planning framework.